This issue has already been raised here.
I think the Taxonomy module used in version 1.7.2 has an extra linkage between the Container (Taxonomy) and the Term but wasn't implemented properly during the migration of older versions.
The broken linkage caused an infinite loop (please refer to the hyperlink above) when publishing a content item containing the affected term (I didn't encounter any problem saving it, only when publishing).
The linkage can be fixed easily by running the SQL statement below against the database:
UPDATE
Common_CommonPartRecord
SET
Container_Id = Orchard_Taxonomies_TermPartRecord.TaxonomyId
FROM
Common_CommonPartRecord
INNER JOIN Orchard_Taxonomies_TermPartRecord ON
Common_CommonPartRecord.Id = Orchard_Taxonomies_TermPartRecord.Id
The SQL statement will take the TaxonomyId from the table Orchard_Taxonomies_TermPartRecord and fill it into *Container_id* of the table Common_CommonPartRecord